AZ COURT OF APPEALS CASE ON REFINANCES STOPPED DEAD IN ITS TRACKS
In prior blog posts, I’ve mentioned a pending Arizona Court of Appeals case that was reviewing the scope of the Beauvais holding that certain refinanced or restructured loans do not lose purchase money protection under Arizona law (and thus, maintain anti-deficiency protection). The case would have clarified the law in Arizona and provided clear guidance [...]
UPDATE ON MARS AND ADVANCE FEES TO ARIZONA REALTORS FOR SHORT SALE NEGOTIATIONS
The Arizona Department of Real Estate updated their position on the new MARS Rule (Mortgage Assistance Relief Services) and other applicable Arizona laws in relation to short sales and how they limit the type of services and fees licensed realtors and brokers in Arizona can perform and receive in the short sale context. The update changes [...]
CROSS DEFAULT CLAUSES IN LOAN AGREEMENTS
One of the standard questions I ask clients seeking advice on what to do with a distressed property encumbered by a loan is whether they have any other loans with the lender on their property. The reason for this question is that many loan agreements have what are referred to as a cross default clause. [...]
Free Short Sale and Foreclosure Alternative Seminar for Homeowners
WHEN: MAY 3, 2011 AT 6:00 P.M. WHERE: KELLER WILLIAMS REALTY SONORAN LIVING, 5301 N. PIMA RD., #130 R.S.V.P. TO (480) 321-8661 — LIMITING SEATING CLASS WILL FOCUS ON FORECLOSURE ALTERNATIVES FOR OWNERS IN DEFAULT OR IN DANGER OF BEING IN DEFAULT UNDER THEIR MORTGAGE SELLERS/OWNERS WILL LEARN: Benefits of short sale vs. foreclosure how [...]
NEW MARS GUIDELINES AND RULES ON BROKER’S NEGOTIATING SHORT SALES IN ARIZONA
Below is a recent article from the Arizona Department of Real Estate and Arizona Associaiton of Realtors regarding the Federal Government’s new Mortgage Assistance Relief Services (“MARS”) guidelines and the ability of real estate brokers and their agents to negotiate short sales in Arizona. In sum, MARS applies to brokers and realtors who negotiate short sales on [...]
UPDATES ON ARIZONA TRENDS IN FORECLOSURE AND LENDER COLLECTION EFFORTS
Arizona’s residential real estate market continues to be driven by foreclosure sales and short sales and there seems to be no end in site. Opinions vary, but many so called experts now forecast that Arizona’s residential market will not hit bottom until sometime in 2014. For owners struggling with mortgage payments or tring to sell [...]